Two suspects, Mrs. Modupe Makewu and Mr. Kayode Are have been arraigned in a Lagos High Court  by  the Economic and Financial Crimes Commission, EFCC for allegedly defrauding Zenon Oil Plc to the tune of N500million, a staement by Femi Babafemi, EFCC's spokesman said.

 In an eight-count charge bordering on conspiracy, uttering, forgery and stealing, the accused persons were alleged to have diverted the sum of N32 million, being money realized from the sale of the company’s products in just two days, precisely between 18^th and 19^th August 2008.  In his petition to the EFCC,  Mr. Femi Otedola who is the Chief Executive Officer of Zenon Oil alleged that the accused persons had been committing the crime for a period of one year bringing the total loss of the company within the period to about N550million.

When the charges were read to the accused persons on Wednesday, they pleaded not guilty to all the eight- count charge. The presiding Judge, Justice Olubunmi Oyewole ordered that the accused persons be remanded in prison custody till 14 May, 2009 for adoption of written addresses for bail while he fixed 8,9 and 10 June for trial

According to the EFCC  investigation , the suspects and others still at large worked as a syndicate. The first accused person, Modupe was a financial officer with Zenon oil depot at Ibru jetty in Lagos with the responsibilty of confirming payments for products.          She was alleged to have capitalized on this to divert the cheques meant for the company to her private account and presented fake bank tellers to cover up.

  The accused persons were also alleged to have  conspired  with non staff of the company to divert  money realized from the sale of  products by forging  bank tellers and facilitated the release of the products to members of the syndicate who in turn sold the products in the open market.

While the fake bank tellers bore the names of Alhaji Abduwaheed and Sabahha, one Gab Adamu Mohammed of Olodi Apapa collected the products . Further investigation also revealed that the receiver of the products was a manager of the second accused company, White Greener Ltd. The second accused Kayode is an executive member of NUPENG, Zenon branch. It was also discovered that the first accused  registered a company with her husband, Misquabby which was used to perpetrate the fraud.